Weekly Store Openings and Closures Tracker #34: Bon-Ton to Close 40 Stores; J.Crew to Close 50 Stores
KEY POINTS
FGRT tracks store openings and closures for a select group of retailers in the US and the UK.
- Year-to-date 2017, the number of store closure announcements in the US has increased 224% year over year, bringing the total number of stores to be closed to 6,879.
- The Bon-Ton Stores to close at least 40 stores in 2018.
- J.Crew to close 50 stores by January 2018.
- Dollar Tree opened 169 stores and closed six stores in the fiscal third quarter.
- Shiekh Shoes is seeking financing to avoid bankruptcy.
- Year to date in the UK, there have been 914 store closure announcements from major retailers, significantly lower on a year-over-year basis. The 887 store openings, however, are a slight increase compared to 2016.
- Mountain Warehouse opened 18 new stores.
- B&M Bargains is on track to open 43 new B&M stores in fiscal 2018.
2017 Major US Store Openings and Closures
FGRT has a dedicated team tracking news about store closures and openings, bankruptcies and management changes. Our Weekly Store Openings and Closures Tracker focuses on department stores and specialty retail, including, but not limited to, softlines, hardlines, consumer electronics and furniture.
What Is Happening this Week in the US?
The Bon-Ton Stores to Close at Least 40 Stores Next Year
Department store chain The Bon-Ton Stores will close at least 40 underperforming stores, out of total 260 stores, in 2018. In the company’s fiscal third quarter earnings announcement earlier this week, management described the closures as part of a “significant store rationalization program”.
J.Crew to Close 50 Stores by January 2018
J.Crew expects to close approximately 50 stores by January 2018, with 39 closures planned for the fiscal fourth quarter—from November 2017 to January 2018. The company opened 10 stores during the first three fiscal quarters.
Dollar Tree Opened 169 Stores and Closed Six Stores in the Fiscal Third Quarter
Dollar Tree opened 169 stores, including 99 Dollar Tree and 70 Family Dollar stores, and closed a total of six stores during the fiscal third quarter. The company opened 466 stores and closed 59 stores for the 39 weeks ended on October 28, 2017.
Non-Store Closure News
Shiekh Shoes Seeks Financing to Avoid Bankruptcy
Sneaker seller Shiekh Shoes is searching for financing to avoid bankruptcy. The retailer has 120 stores across 10 states.
2016 Major US Store Openings and Closures
2017 Major UK Store Openings and Closures
Mountain Warehouse Opened 18 New Stores in the First Half of the Fiscal Year
Outdoor goods specialist Mountain Warehouse opened 18 new stores in the six months to August 27, 10 of which were overseas locations. The company plans to open 10 more stores by Christmas this year. Chief Executive Mark Neale said he wanted to have 300 UK stores and 300 overseas stores, which is a significant increase from its current 200 UK stores and 80 overseas stores.
B&M Bargains On Track to Open 43 New B&M Stores in Fiscal 2018
Discount retailer B&M is on track to open 43 new B&M stores in the fiscal year ending March 31, 2018, seven of which are relocations, according to the company’s earnings report.
2016 Major UK Store Openings and Closures
